Global Payments will acquire AdvancedMD in a cash transaction valued at $700 million. It will finance the acquisition with its existing credit facility and cash on hand.

The transaction is expected to close in the fourth quarter of 2018.

“We are delighted to expand our owned software portfolio with the addition of AdvancedMD, a leader in the large and fragmented healthcare vertical market,” said Jeff Sloan, CEP of Global Payments. “This acquisition aligns perfectly with our software-driven strategy and will add significant SaaS revenue in a new, attractive market with strong payment fundamentals, further accelerating our business mix toward technology enablement."